At about 12:50 p.m. ET, 10-year yields traded at 1.6028 percent, while two-year note yields were at 0.7219 percent.

U.S. Markets Overview: Treasurys chart

Rate rise expectations have dwindled significantly in recent weeks after non-farm payrolls data showed worse-than-expected jobs growth in May. However, a number of FOMC members have made relatively hawkish statements on the state of the U.S. economy in the run-up to the June meeting.

Producer price index data for May showed a 0.4 percent increase, while economists had forecast a 0.3 percent gain.

U.S. industrial production fell more than expected in May on a decline in utilities output and auto manufacturing, the Federal Reserve said on Wednesday, a sign that the economy may be losing some steam in the second quarter.

Investors will also eye Treasury International Capital (TIC) data for April, due out at 4:00 p.m. ET, which measures the flow of assets including Treasury securities, corporate bonds and equities to and from the U.S.